Jade Power Announces Final Escrow Release and CVR Distribution and Filing of Q3 2023 Interim Financial Statements
2023年11月30日 - 7:58AM
Jade Power Trust (“
Jade Power” or the
“
Trust”) (TSXV: JPWR.H) is pleased to announce
that the final amount of €3,000,000 held in escrow pursuant to the
closing of the Trust’s sale of all of its renewable energy
operating assets (the “
Sale Transaction”) to Enery
Power Holding GmbH (“
Enery”) and an affiliate
thereof (the “
Purchaser”) on November 22, 2022 has
been released from escrow to the Trust.
As a result of such release, the Trust announces
that it will be paying an aggregate cash distribution of
approximately $4,466,400 to holders of the Trust’s contingent value
rights (each, a “CVR”), amounting to approximately
$0.2007 per CVR, on or about December 8, 2023 to holders of record
as of the close of business on December 6, 2023 in accordance with
the terms of its CVR indenture dated December 12, 2022 entered into
between the Trust and TSX Trust Company. The CVRs were issued by
the Trust on December 12, 2022 in connection with the closing of
the Sale Transaction. Prior to such distribution, the escrow amount
was converted into Canadian Dollars by the escrow agent at a rate
of CAD/EUR $1.4888:€1. As of the date of this press release, there
are 22,252,912 CVRs issued and outstanding.
Holders of CVRs may also be entitled to a final
CVR distribution comprised of any amounts remaining from the cash
reserve set aside by the board of directors of Jade Power
Administrator Inc. from the net proceeds of the Sale Transaction to
fund the Trust’s ongoing overhead and operational expenses and
contingent liabilities. There can be no assurance as to the quantum
or timing of any such final CVR distribution.
The terms of the CVRs are set out in the
indenture entered into between the Trust and TSX Trust Company
dated December 12, 2022, which is available on Jade Power’s SEDAR +
profile at www.sedarplus.ca.
Q3 2023 Interim Financial Statements and
MD&A
The Trust also announces the filing of its Q3
2023 interim financial statements and related management discussion
and analysis for the three and nine month periods ended September
30, 2023 which are available on Jade Power's SEDAR + profile at
www.sedarplus.ca.
For further information, please
contact:David Barclay Chief Executive Officer+1
954-895-7217david.barclay@bellsouth.net
About Jade Power
The Trust, through its direct and indirect
subsidiaries in Canada, the Netherlands and Romania, was formed to
acquire interests in renewable energy assets in Romania, other
countries in Europe and abroad that can provide stable cash flow to
the Trust and a suitable risk-adjusted return on investment. All
material information about the Trust may be found under Jade
Power's issuer profile at www.sedarplus.ca
Forward-Looking Statements
Statements in this press release contain
forward-looking information. Such forward-looking information may
be identified by words such as “anticipates”, “plans”, “proposes”,
“estimates”, “intends”, “expects”, “believes”, “may” and “will”.
Forward-looking statements necessarily involve known and unknown
risks and uncertainties, many of which are beyond the Trust’s
control. Such risks and uncertainties include but are not limited
to: risks related to the Trust’s strategy going forward; foreign
exchange risk; and risks relating to the Trust’s ongoing overhead
costs and the quantum of any future cash distributions to CVR
holders. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Readers are cautioned that the foregoing list of factors is not
exhaustive.
Details of additional risk factors relating to
the Trust and its business, generally, are discussed under the
heading “Business Risks and Uncertainties” in the Trust's annual
Management's Discussion & Analysis for the year ended December
31, 2022, a copy of which is available on Jade Power's SEDAR +
profile at www.sedarplus.ca. These statements speak only as of the
date of this press release. Except as otherwise required by
applicable securities statutes or regulation, Jade Power expressly
disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
Neither the TSXV nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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